In a previous article I mentioned the advantages of using e-mail as a tool to acquire and engage prospects and leads. I also talked about the steps of the buyer’s journey and how e-mail can be used in each step to guarantee that the right e-mails are sent at the right time to the right prospect or lead. To guarantee that the right person will receive that e-mail, clients and prospects must be segmented according to their buyer’s journey phase, as I mentioned previously.
On this article I will explain some metrics that are used by different companies, and can be used by your real estate agency, to measure the e-mail marketing campaign’s success rate. Before sending an e-mail, you must establish a main goal that your company wants to achieve and then decide which metrics are more relevant to measure results efficiently. After all, a campaign will not be effective if you have the effort to send personalized e-mails for each group segmented but do not measure the results of this campaign and compare it to others to verify which strategy works better to engage more leads.
Metrics to measure the sending success rate
Let’s consider this: you decided to send e-mails to a list of people that visited your real estate website a few times and decided to subscribe to your newsletter but did not engage with your company after that. These people are considered prospects in your marketing and sales funnel, and can become leads if you engage them properly. They intend to buy a house and are in the beginning of the purchase process, looking for relevant information about the market. Once the e-mails are directed to a group of people that intend to buy a property but do not know yet what kind of property they want, the e-mail should have an appealing title for this group. The body must be interesting and objective and include a call-to-action that will indicate a clear step to be taken by the reader: to click on the link that will take him to an article in your blog about market changes in the city where he lives, or about kinds of properties that can be found in specific neighborhoods. Another exemple of effective e-mail for this group would be to ask a few relevant questions that would determine what each potential lead is looking for, in terms of content.
On those cases, the adequate metric is called CTR – click through rate. This metric will determine the percentage of recipients that clicked on the link inserted in the call-to-action, and it is calculated by dividing the total of clicks by the number of delivered e-mails times 100. This metric will determine the results of your strategy and the interest of that audience in contacting your company for more information about the purchase process, or even visiting properties available on areas where you work.
Another effective metric is the conversion rate, that will indicate the percentage of potential leads that clicked on the link and completed the desired action. Let’s consider that you have a list of people that showed interest in your blog articles, which can be verified through a paid tool offered by Google Analytics or other companies. Your goal is to have a high number of prospects becoming leads by answering a survey with some questions that will help you better understand what they are searching for, either renting a property for a long-term or buying for example. Therefore, the call-to-action inserted in the body will motivate readers to complete the survey. The conversion rate will help you understand how many recipients clicked on the link and completed the survey, and then verify if the campaign was effective or should be improved.
There are other metrics that you can use to measure the success rates of your campaigns with specific goals, such as the bounce rate, which measures the percentage of emails that were sent but did not enter the receiver’s mailbox. There is also the list growth rate, which measures the healthy growth of your subscribers’ list in a long-term perspective; or the forwarding rate/ e-mail sharing, that measures how many recipients shared the content of your blog in social media. This sharing can be motivated by inserting in the body a link to share an article in your blog.
Those metrics are necessary to check if the e-mail campaign’s title, body, design and call-to-action were effective to motivate the recipients to open the e-mail, read the content and take the desired action. Moreover, measuring the result of e-mail campaigns will help you understand the ROI – return on investment – that those campaigns brought considering the value invested on them. To calculate the return on investment you must have an approximate value acquired in sales that were directly generated by the campaign and reduce this value from how much you invested on it. Then, you divide the result by the value invested in the campaign and multiply by 100.
Those are the most important aspects of metrics that measure the e-mail campaign overall success rate and should be used by realtors too. With the content provided in this article and in my previous article about email marketing you can find a good e-mail marketing software and start working on your strategies for email campaigns. Don’t forget to read my other articles about inbound marketing!